Hospitality Expert: City Hotels Shouldn’t Chop Room Rates Just Yet

From GlobeSt: "Projects that have already gotten their financing will be completed, said [Ted Brumleve of Warnick + Co.], but there’s no debt available for new ones. Overseas travel to the city could slide dramatically as the euro declines against the dollar, but Brumleve cautioned against cutting room rates to try enticing tourists. The hotels that dropped their rates after 9/11 are still trying to recover, he said."

Chris Shott had more on the financing picture for Manhattan hotel development in this week’s print Observer.